Synthetix (SNX) is 146.8× the size of Persistence One (XPRT) by market capitalisation. Over the past 1 year, SNX is ahead by 3.6 percentage points (XPRT -84.0% against SNX -80.3%). Their daily returns move barely together (correlation 0.14 across 366 shared trading days). XPRT has been the more volatile of the two, at 257% annualised against SNX's 123%.
XPRTSNX
0.14over 366 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | XPRT | SNX |
|---|---|---|
| Max drawdown (400d) | -95.7% | -92.3% |
| Risk-adjusted return (90d) | 0.33 | -0.26 |
| Best 30 days (past year) | +275.2% | +26.6% |
| Worst 30 days (past year) | -78.2% | -47.8% |
Relative strength over 90 days: XPRT outperformed SNX by 184.8% — measured on the XPRT/SNX ratio, so it holds regardless of market direction.